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Which of the Jim made a 400 down payment on a washer and dryer that cost a total of 1200what is the ratio of the amount paid to the amount owed?
1200-400 equals the amount owed which is 800 dollar. Therefore initial ratio of the amount paid to the amount owed is 400:800 which reduces to 4:8 and then further down to 1:2.
How does the down payment affect the monthly payment amount when purchasing a car?
The down payment on a car reduces the amount of money you need to borrow, which can lower your monthly payment amount. A larger down payment typically results in a smaller monthly payment, while a smaller down payment usually leads to a higher monthly payment.
Does making a larger down payment result in a lower mortgage payment?
Making a larger down payment typically results in a lower mortgage payment because it reduces the amount of money you need to borrow, which in turn decreases the monthly payment amount.
Can you change the down payment amount after an offer is accepted?
In most cases, the down payment amount cannot be changed after an offer is accepted. It is typically a fixed amount agreed upon in the initial offer.
How do you use a mortgage calculator to figure your necessary down payment?
A mortgage calculator will allow you to put in the amount that you wish to borrow from the bank along with the interest. It will then tell you the monthly payment. The monthly payment will adjust as you increase or decrease the amount of the down payment.
With 1200 dollars to help pay off mortgage which would be quicker pay 1200 dollar towards principle payment once a year or equal amounts of the 1200 dollars added to the principle payment every month?
The earlier you pay down the principal, the shorter the loan, and shorter is cheaper unless there are pre-payment penalties (the bankers have children to feed as well).
When is mortgage considered high ratio in Canada 20 or 25?
A mortgage with less than 20% down payment is considered high ratio.
What type of purchases require a down payment?
Several purchases require a down payment. Some examples are houses, cars and boats. The amount of the down payment is negotiated between the buyer and the seller of the purchase.
Can you change the down payment amount before closing?
Yes, you can typically change the down payment amount before closing on a house by discussing it with your lender and making the necessary adjustments to your loan agreement.
What is the installment price minus the down payment equal to?
amount financed
What is a down payment with regard to buying a house?
3.5% of Loan amount
Does pre-approval include the down payment?
No, pre-approval does not include the down payment. Pre-approval is based on your creditworthiness and income, while the down payment is a separate amount you need to pay when purchasing a home.
